Estate Planning
Understanding capital gains tax on an inherited home
While there’s no state inheritance tax in California, that doesn’t mean you’re completely in the clear from taxes after a loved one dies. For example, you may have to pay capital gains tax if you inherit property and then sell it. However, fortunately, it’s not as bad...
Which documents control your life insurance policy?
As someone creating or updating an estate plan in California, your life insurance likely plays a significant role in your plans. Your life insurance may be how you intend to replace your income to help support your family or how you intend to cover funeral costs and...
Will your estate plan benefit from powers of attorney?
If you are new to estate planning, you might not understand what one or more powers of attorney can do for you and your family. These legal documents empower you to address several different issues in your estate plan. As a bonus, well-drafted powers of attorney can...
Doctors’ duties regarding your Advance Health Care Directive
A California Advance Health Care Directive is a crucial part of any estate plan. All adults can benefit from having one in place because it allows you to make your wishes for medical treatment or ending of treatment known if you’re unable to speak for yourself. Most...
Two reasons to create a trust for college tuition
As you consider how you want to leave an inheritance to your family, you may decide that you want to pay for your grandchildren's college tuition. You want to leave money behind so that you know they can get an education without having to worry about the cost,...
After a loved one’s passing, do not remove items from their home
Emotions run high after a loved one passes away, even if you knew for a long time that their passing was coming. You may want to return to their home, which could even be your childhood home, to collect sentimental items. You want something to remember them by and you...
Are your nephews and nieces your heirs?
You don't have any children, but you and your spouse make a good living working in the tech industry. You decide to make an estate plan because you want to ensure that you have some say in what happens to your money and other assets if you were to pass away...
When should you update your estate plan?
Make no mistake, life changes. And these changes come in all shapes and forms. People come and go. Circumstances change, too. Just like life, your estate plan should also be something that changes over time. At the very basic, estate planning is the process of...
Why you may need to go beyond a will with your estate plans
Most people know that they need to write a will before they pass away. This is the basis of estate planning, and the will allows them to give their heirs and beneficiaries a plan for how the assets should be divided. A will is a good place to begin. However, you may...
When can family members remove the executor of an estate?
Many people have no desire to be the executor of an estate. The role demands a lot of time and effort, and family members may not envy the person delegated to taking on the task. When someone does step up to fill that role, family members often defer to them regarding...